Reopening U/S 147 Not Valid If Certain Safeguards Not Followed By Revenue As Provided In section 147,148 And 151 of Income Tax Act, 1961 The important safeguards provided in sections 147,148 and 151 has not to be treated lightly by the concerned Assessing Officer and CIT as held in Chuggamal Rajpal Vs. S.P.Challia & others […]
Finance Act-2021-Amendments in Business or Profession related Sections of Income Tax Act, 1961 i.e. Section 32(1)-Depreciation of buildings, machinery, plant or furniture, Section 43CA-Special Provisions For Full Value Of Consideration For Transfer of Assets Other Than Capital Assets In Certain Cases, Section 44AB- Tax Audit and Section 44ADA- Presumptive Tax Scheme for Professionals. S. No […]
In a recent notification released by the Ministry of Home Affairs, FCRA Wing, the Government has extended the deadline to open the FCRA account with the SBI- New Delhi Main Branch from March 31st, 2021 to June 30th, 2021. This has come in light of various multiple petitions filed by the NGOs in courts stating […]
The Hon’ble AAAR, Karnataka in Re: M/s Page Industries Limited [Order No. KAR/AAAR/05/2021, dated April 16, 2021] held that the promotional products/materials & marketing items which are distributed to their distributors/franchisee free of cost (FOC) by the assessee in promoting their brand & marketing their products can be considered as ‘inputs’ as defined in Section 2(59) of […]
Article explains provisions of Section 194Q TDS on purchase of goods (w.e.f. 1st July, 2021) and Section 206C(1H) TCS on Sale of goods (w.e.f 1 October, 2020). Article further explain the meaning of Deductor/Collector, Threshold Limit, Deductee/ Collectee, Time of Deduction/Collection, Rate of Tax Deduction/Collection, Non Applicability, From which date the threshold limit of Rs. […]
All about Composite Supply and Mixed Supply under GST: As per Sec. 2(30) of CGST Act of 2017, ‘Composite Supply’ is a kind of supply made by a taxable person to a recipient that includes two or more taxable supplies of goods or services or both, or their combination, that are naturally bundled and supplied […]
Before we start with related party transactions, we have to understand that as per Company law powers of the Company are exercise either by the Board of Directors or by Shareholders. The relationship between the Board of Directors and Shareholders is like a federation. Some powers are exclusively reserved for the Board of Directors and […]
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
Risha Lodha D/O Bhagwat Singh Lodha Vs Institute Of Chartered Accountants of India (Rajasthan High Court); S.B. Civil Writ Petition No. 6261/2021; Dated: 13/05/2021 BRIEF SUMMARY OF THE CASE The petitioner was a student aged 21 years who cleared her CA Foundation Examination in the year 2018, and became eligible to appear in CA Intermediate […]
As per Section 2(56) of Companies Act of 2013, Memorandum means an original memorandum of association that a company has registered or it can be an altered one as per the rules laid down u/ provisions of Companies Act of 2013, Whereas As per Section 2(5) of Companies Act of 2013, Articles refers to an […]
